Swiss National Bank Invests $2.16 Million in Gilat Satellite Networks Ltd. $GILT

Swiss National Bank purchased a new stake in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) in the 1st quarter, HoldingsChannel reports. The institutional investor purchased 146,261 shares of the communications equipment provider’s stock, valued at approximately $2,159,000.

Other large investors have also made changes to their positions in the company. LBP AM SA lifted its position in shares of Gilat Satellite Networks by 31.7% during the 4th quarter. LBP AM SA now owns 961,719 shares of the communications equipment provider’s stock valued at $12,445,000 after acquiring an additional 231,258 shares during the period. Y.D. More Investments Ltd grew its holdings in Gilat Satellite Networks by 913.0% in the fourth quarter. Y.D. More Investments Ltd now owns 403,746 shares of the communications equipment provider’s stock worth $5,235,000 after purchasing an additional 363,890 shares during the period. Precision Wealth Strategies LLC bought a new stake in Gilat Satellite Networks in the fourth quarter valued at $1,102,000. JPMorgan Chase & Co. increased its stake in Gilat Satellite Networks by 188.1% in the third quarter. JPMorgan Chase & Co. now owns 59,527 shares of the communications equipment provider’s stock valued at $775,000 after purchasing an additional 38,863 shares in the last quarter. Finally, Potomac Capital Management Inc. acquired a new position in shares of Gilat Satellite Networks during the fourth quarter valued at about $1,180,000. Institutional investors own 35.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Needham & Company LLC reissued a “buy” rating and set a $20.00 price objective on shares of Gilat Satellite Networks in a research report on Tuesday, June 16th. Zacks Research lowered Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Gilat Satellite Networks in a report on Thursday, June 18th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Gilat Satellite Networks presently has an average rating of “Moderate Buy” and an average target price of $20.00.

Insiders Place Their Bets

In related news, insider Arieh Rohrstock sold 17,568 shares of the business’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $15.23, for a total value of $267,560.64. Following the transaction, the insider directly owned 7,531 shares of the company’s stock, valued at approximately $114,697.13. The trade was a 69.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.13% of the company’s stock.

Gilat Satellite Networks Trading Up 5.2%

Shares of GILT stock opened at $11.00 on Friday. The firm has a fifty day simple moving average of $13.29 and a two-hundred day simple moving average of $15.78. Gilat Satellite Networks Ltd. has a 12 month low of $7.22 and a 12 month high of $20.93. The firm has a market capitalization of $812.13 million, a PE ratio of 21.57 and a beta of 1.04.

Gilat Satellite Networks (NASDAQ:GILT) last posted its earnings results on Tuesday, March 31st. The communications equipment provider reported $0.18 earnings per share for the quarter. Gilat Satellite Networks had a return on equity of 11.65% and a net margin of 6.80%.The company had revenue of $110.47 million for the quarter. On average, equities analysts predict that Gilat Satellite Networks Ltd. will post 0.53 earnings per share for the current fiscal year.

Gilat Satellite Networks Profile

Gilat Satellite Networks is a leading provider of satellite-based broadband connectivity solutions, specializing in the design, development and deployment of ground segment equipment and network services. The company’s core offerings include Very Small Aperture Terminal (VSAT) modems and hub systems, network management software, and end-to-end satellite communication platforms. These technologies enable broadband Internet access, enterprise networking, and cellular backhaul in regions where terrestrial infrastructure is limited or non-existent.

Founded in 1987 and headquartered in Petah Tikva, Israel, Gilat has established a track record of innovation in satellite communications.